Vel Pitar misses targets

Vel Pitar Ramnicu-Valcea, one of the leading players in the milling and baking industry posted net profits of 0.7 million euros (2.6 million RON) in the first nine months of the year, less than half of those seen during the same period last year. The company had made 2 million euros (8.2 million RON) net profit three quarters into 2004. “The 2005 results will be below the targets in the budget, less so in the case of turnover and rather more so in terms of profits, which are strongly influenced by the developments and adjustments that the markets on which the company operates have gone through in 2005. The outcome of the implementation of the investment plan will materialise in the improvement of our product supply and implicitly in the increased business potential for 2006,” reads the company”s report filed with the Bucharest Stock Exchange. ZF